I want to trade up and will put a 5% down on the repo home, but they need to take my current home for its loan amt. Is it possible?
I have a 10 year old judgment and recently acquired a car repossession, several credit card charge offs, cable, phone, medical collections and a land foreclosure, ( barely saved my house) all do to a disability beginning 2005.
Here is my question I will soon receive a lump sum of money (back disability pay) from SDI. Should I pay off what debt I can and if so which ones? Or am I so screwed I should hold on to the lump sum and forget about it.
BTW
The total amount will not pay all of my debt and I will be on a fixed income from here on out……..
Thanks
I had my loan set up on auto debit. My house was broken into and though everything forgot to call and switch my account info with my bank. My truck is now in repossession (or the letter said I had until 4 days ago to bring it current). I called they day it was due and asked to send cash via Western Union (so the payment would post faster) and the lady said you need to make it by phone. I called by that evening to do a check by phone (the first lady said call before 9pm) and when I did she said I could only pay for it via Western Union! I explained at this point that it was 8:00pm and that they bank was closed to get cash and send and that I was simply doing what the first lady had asked (paying via phone). She told me that it HAD to be paid by 9pm and that is the only option I had. I called back the next morning and explained the situation and the lady promised to call me back and didn’t. I have all the Western Union information and have the cash to bring the loan current and could send next months payment as well. My question is, if I send it though Western Union (though bill pay) so that the account is current will that stop the repossession? I don’t want to send $3,000 cash and still have the car repossessed tomorrow. In that case I’d rather keep the cash and work it out. I’m thinking that if I send it Western Union and then it posts to my account they can’t still take my car correct and how can they refuse the payment if I pay cash at West Union? Please advise. I’d like to take care of this and send if off today.
Basically: (before she met me) she bought a used car, it was a lemon. Didn’t have the money to repair it and it got impounded. Didn’t have the money to pay the impound fees, so the lender or whoever told her to let them auction it. However, she still had the pay the remaining balance, it was a bad deal, and she thought she was being responsible but it ruined her credit. That was in mid 2004.
Problem now is she has a red flag for 7 years. Everything else on credit report is fine, she could probably get 700+ score with a little work – but the repo will affect our ability to get a mortgage in a couple years when the house prices drop more and we decide to move. What can we do? She can’t dispute that it happened, but we need to remove it somehow.
